In the early days of Bitcoin, a mysterious figure known as pirate@40 accumulated a hoard of over 700,000 BTC. He didn't just hold. He bamboozled the world with "First Bitcoin Savings and Trust," a mysterious product generating fantastic yields based on opaque market arbitrage.
But the Pirate couldn't be bothered attending to the plebs himself. He eventually set a minimum buy-in of 50 BTC. Nature abhorring a vacuum, venturing entrepreneurs took up the task, creating "pass-throughs" to bundle retail capital for the Trust so the small fish could chase the same impossible returns.
In unrelated news, Michael Saylor is now discussing the creation of "digital money", tax-deferred, interest-bearing stablecoins yielding 8% backed by MicroStrategy credit. He notes that "partners" could launch them, as the corporation won't deal with the masses directly.
It seems the High Priest of Cyber Hornets now needs his own pass-throughs to channel "digital energy" from global retail. History might not be repeating, but the structural rhyme of a massive central hoard seeking retail liquidity through yield-bearing intermediaries is getting louder.
